Payday loans; limiting interest to a maximum annual rate of 36 percent. (SB21)

Introduced By

Sen. Mamie Locke (D-Hampton) with support from 9 copatrons, whose average partisan position is:

Those copatrons are Del. Robin Abbott (D-Newport News), Del. Charniele Herring (D-Alexandria), Del. Delores McQuinn (D-Richmond), Del. Jeion Ward (D-Hampton), Sen. Kenneth Alexander (D-Norfolk), Sen. Louise Lucas (D-Portsmouth), Sen. Henry Marsh (D-Richmond), Sen. Yvonne Miller (D-Norfolk), Sen. Roscoe Reynolds (D-Martinsville)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Payday loans; permitted interest.  Repeals provisions of the Payday Loan Act that authorize lenders to charge a loan fee or verification fee, thereby limiting permissible charges on payday loans to simple interest at a maximum annual rate of 36 percent. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/23/2009Prefiled and ordered printed; offered 01/13/10 10100361D
12/23/2009Referred to Committee on Commerce and Labor
02/08/2010Incorporated by Commerce and Labor (SB250-Reynolds) (15-Y 0-N) (see vote tally)
02/15/2010Reconsidered by Commerce and Labor
02/15/2010Failed to report (defeated) in Commerce and Labor (5-Y 10-N) (see vote tally)

Duplicate Bills

The following bills are identical to this one: HB188.